A股市场春节后第一个交易日，喜提开门红！沪指半日涨1.17%，深成指涨1.82%，创业板指涨1.76%。 贵金属、煤炭、半导体、化工、电力、基本金属板块涨幅居前，沪深京三市上涨个股超4200只。 10股纷纷涨停。值得注意的是，上交所欧线集运主力合约盘初一度暴涨超13%。 化工板块爆发，美邦股份4连板，金牛化工7天4板，澄星股份、金浦钛业涨停。玻纤概念反复活跃，国 际复材涨超4天2板，续创历史新高。 芯片股大涨，北京君正大涨近14%，兆易创新、赛微电子、晶方科技涨4%左右；港股兆易创新早盘也 一度涨约8%。光刻机指数盘中涨3%，炬光科技大涨14.23%。 光模块概念走强，天孚通信、盛科通信涨超10%，华工科技涨停。 下跌方面，算力租赁概念盘中持续调整，seedance、短剧游戏、DeepSeek等ai应用类题材大幅回调。传 媒股大面积跌停，其中光线传媒20cm跌停，幸福蓝海、中文在线跌超10%，博纳影业、横店影视、掌 阅科技、金逸影视、中国电影等集体跌停。港股影视股也同步下跌，猫眼娱乐跌超7%。消息面上， 2026年春节档收官，总票房为57.52亿元，不及此前市场预期。 国际黄金白银震荡加剧，现货黄金、白银冲高 ...

Core Insights - The AI industry is experiencing a surge in applications and investments, with major companies like Alibaba, Tencent, and ByteDance participating in a "red envelope war" to promote AI usage during the Spring Festival [1] - The demand for AI computing power is increasing rapidly, leading to a significant rise in token consumption and hardware prices, particularly in the context of cloud services [2][3] Token Consumption and Market Dynamics - The transition from traditional search to chatbots is accelerating, resulting in a massive increase in token usage, with ByteDance's Doubao model expected to reach a daily token usage of over 50 trillion by December 2025, a tenfold increase year-on-year [4] - Major cloud service providers are raising prices due to increased demand for AI computing power, with Amazon and Google announcing price hikes for their services [5] - The rapid growth in AI model training and inference is driving a resurgence in the storage industry, with high-bandwidth memory (HBM) becoming a key growth driver for leading manufacturers [6] Supply and Demand in Computing Power - The market for computing power rental is experiencing a supply-demand imbalance, with many AI companies shifting from building their own infrastructure to renting due to rising hardware costs [7] - Industry leaders are investing heavily in computing power rental services, exemplified by NVIDIA's $2 billion investment in CoreWeave to enhance AI computing capabilities [8] Edge Computing and Future Trends - The edge computing market is expected to grow significantly, with a projected market size of 1.6123 trillion yuan by 2030, reflecting a compound annual growth rate of 27.3% [10] - Companies are focusing on building a complete ecosystem around edge computing, moving beyond traditional rental models to offer more integrated solutions [9] Liquid Cooling Technology - The demand for liquid cooling solutions is increasing as data center energy consumption rises, with liquid cooling systems expected to dominate the market, potentially reaching a 60-70% share by 2026 [12] - The first commercial immersion liquid cooling project using silicon-based cooling fluids has been successfully launched, demonstrating the reliability and economic viability of this technology [13]

Core Viewpoint - Yuntian Lifei's stock price has shown significant growth in 2023, with a year-to-date increase of 23.25% and a recent surge of 18.85% over the past five trading days, indicating strong market interest and performance [1]. Group 1: Stock Performance - As of February 13, Yuntian Lifei's stock price reached 93.77 yuan per share, with a trading volume of 5.78 billion yuan and a market capitalization of 33.72 billion yuan [1]. - The stock has experienced a 32.67% increase over the past 60 days, reflecting positive investor sentiment [1]. Group 2: Financial Performance - For the period from January to September 2025, Yuntian Lifei reported a revenue of 951 million yuan, representing a year-on-year growth of 96.85% [2]. - The company recorded a net profit attributable to shareholders of -298 million yuan, which is a 29.95% increase compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yuntian Lifei increased by 35.92% to 42,300, while the average number of circulating shares per shareholder decreased by 25.38% to 6,231 shares [2]. - Notable institutional shareholders include Huaxia CSI Robot ETF, which increased its holdings by 1.28 million shares, and Hong Kong Central Clearing Limited, which is a new shareholder with 2.99 million shares [2].

Stock Performance - The stock of Tongniu Information (300895) has shown strong performance, with a cumulative increase of 21.33% over the last 20 trading days [1] - The rise is attributed to increased market attention on sectors related to computing power leasing and data centers, driven by the explosive adoption of AI Agents, which has boosted demand for CDN and data transmission [1] Recent Events - The controlling shareholder of the company is set to change from Beijing Fashion Holdings to Beijing Data Group, aiming to focus on the digital economy [2] - This state-owned restructuring is expected to bring resource synergies, potentially supporting the stock price [2] - The company is advancing the "Fangheng Technology Supercomputing and Financial Cloud Computing Base" project, which is nearing completion and is expected to enhance computing power capacity [2] Financial and Technical Analysis - From a technical analysis perspective, the stock has recently broken through the 20-day moving average resistance, with the MACD indicator showing a positive divergence, indicating strong short-term momentum [3] - On February 13, the stock experienced a trading range of 16.41% and a turnover rate of 5.53%, reflecting high trading activity [3] Current Operating Status - According to the company's earnings forecast, the net profit attributable to the parent company is expected to be a loss of between 65 million to 85 million yuan in 2025, which represents a significant narrowing of losses compared to a loss of 127 million yuan in the same period of 2024 [4] - Although the company has not yet turned profitable, the marginal improvement in profitability may positively influence market sentiment [4]

大位科技这几天的连板最主要炒的是字节算力，润泽科技停牌，东阳光市值大，就剩大位有真正的合作和足够的 弹性，如果按业务看的话，字节的张北数据中心本来就是AIDC，是数据中心机房的建设交付，而非算力租赁，所 以并不是什么实质性的利空，但是也会影响那些不研究基本面只看所谓算力租赁概念表格的散户传播发酵的顶板 意愿，所以短期涨幅较大的情况下对这种情绪性利空要做好充分应对，可适当减仓放大盈利安全垫来应对短期的 波动，后面还有周末2月13或14日豆包2.0 大位科技这几天的连板最主要炒的是字节算力，润泽科技停牌，东阳光市值大，就剩大位有真正的合作和足够的 弹性，如果按业务看的话，字节的张北数据中心本来就是AIDC，是数据中心机房的建设交付，而非算力租赁，所 以并不是什么实质性的利空，但是也会影响那些不研究基本面只看所谓算力租赁概念表格的散户传播发酵的顶板 意愿，所以短期涨幅较大的情况下对这种情绪性利空要做好充分应对，可适当减仓放大盈利安全垫来应对短期的 波动，后面还有周末2月13或14日豆包2.0的发布以及春节春晚期间更进一步的字节相关催化，字节的首批招标也 会在春节前后落地，东阳光同样有中标预期。 ...

Market Overview - On February 12, the stock market experienced fluctuations, with the index rising throughout the day. The computing power leasing concept surged, AI application stocks showed volatility, and liquid cooling server stocks strengthened. The semiconductor sector gained momentum in the afternoon, while the chemical sector retreated. The film and cinema sector continued to adjust, and the retail sector saw widespread declines, particularly in the liquor sector. Overall, more than 3,200 stocks declined, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index up by 1.32% [3]. Automotive Industry - On February 12, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," aimed at further regulating pricing behaviors in the automotive sector to promote healthy and orderly market development [4]. Service Industry in Jiangsu - On February 12, preliminary calculations from the Jiangsu Provincial Bureau of Statistics indicated that by 2025, the added value of the service industry in the province is expected to reach 76,943.7 billion yuan, representing a year-on-year growth of 5.8%. This sector is projected to account for 54% of the regional GDP, an increase of 0.9 percentage points from the previous year [5]. Travel and Transportation - During the Spring Festival holiday, the Jiangsu Entry-Exit Border Inspection Station projected that the province would see approximately 106,000 inbound and outbound travelers, with over 730 transport vehicles (aircraft and ships) involved, indicating a lively two-way flow of travelers [5]. Education Sector - On February 12, the Ministry of Education issued opinions on deepening reforms in key elements of vocational education, proposing to explore the establishment of a rapid response channel for the addition of new majors, focusing on emerging and future industries, particularly in low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and areas with urgent public needs [6]. Renewable Energy - Data from the National Energy Administration indicated that by 2025, the total installed capacity of new wind and solar power generation in the country is expected to exceed 430 million kilowatts, with wind power accounting for 120 million kilowatts and solar power for 318 million kilowatts, reflecting a year-on-year growth of 22.0%, setting a new historical high [6]. Corporate Developments - Meta recently announced plans to break ground on a new 1 billion watt data center in Lebanon, Indiana, which will create over 4,000 construction jobs and 300 operational positions [6]. - Television Broadcasts Limited, a company listed on the Hong Kong Stock Exchange, forecasted a profit of 50 million Hong Kong dollars for 2025, marking its first profit since 2018, following a loss of 491 million Hong Kong dollars in 2024 [6].

机场航运（核心股）、饮料、旅游酒店（核心股）、白酒（核心股）、零售、多元金融等涨幅靠前。 市场焦点股雅博股份（4板）高开2.29%，AI应用端的掌阅科技（4板）高开5.94%、德才股份（4板）低开2.76%，算力 （核心股）租赁板块大位科技（4板）竞价涨停、豫能控股（2板）竞价涨停，光纤概念（核心股）股特发信息（7天4板）低开 2.56%、金时科技（2板）高开5.31%，有色金属（核心股）板块翔鹭钨业（5天3板）低开2.39%、章源钨业（2板）高开 3.52%，电子布概念股宏和科技（2板）高开0.08%、中材科技（2板）平开。 沪指开盘跌0.44%，报4115.92点，深成指跌0.66%，报14188.35点，创业板指跌0.56%，报3309.43点，科创50指数跌 0.72%，报1470.26点。沪深两市合计成交额199.77亿元，全市场近3000只个股下跌。 盘面上，能源金属、贵金属（核心股）、油气、小金属、工业金属、影视（核心股）院线、通信设备等行业跌幅居前。 ...

Group 1 - The computing power leasing concept has been actively fluctuating, with companies such as 263 and Huasheng Tiancai hitting the daily limit up [1] - Other companies like Capital Online, Dwei Technology, Tuo Wei Information, Ping Zhi Information, and Data Port also experienced gains [1]

中原期货研究咨询部 晨会纪要 2026 第（30）期 发布日期：2026-02-13 | 中原期货研究咨询部 | | | --- | --- | | 0371-58620081 | 0371-58620083 | | 公司官方微信 | | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2026/2/13 | 2026/2/12 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,121.00 | 1,120.00 | 1.0 | 0.089 | | | 焦炭 | 1,665.00 | 1,664.00 | 1.0 | 0.060 | | | 天然橡胶 | 16,485.00 | 16,450.00 | 35.0 | 0.213 | | | 20号胶 | 13,385.00 | 13,370.00 | 15.0 | 0.112 | | | 塑料 | 6,720.00 | 6,734.00 | -14.0 | -0.208 | | | 聚丙烯PP | 6,633.00 ...

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The State Council has issued implementation opinions to improve the national unified electricity market system, encouraging more private enterprises to participate in the electricity market [4] - The Ministry of Commerce stated that China and the U.S. maintain close communication at all levels through the economic and trade consultation mechanism [4] - The National Energy Administration highlighted that major global economies are actively laying out hydrogen energy and nuclear fusion, necessitating greater efforts to enhance original disruptive innovation [4] Industry Latest Developments - Ant Group's Alipay has launched a Spring Festival red envelope activity, with the AI healthcare sector expected to gain momentum, related stocks include Sanor Bio (300298) and Huaren Health (301408) [5] - Strong demand for memory is expected to continue until 2027, with opportunities for domestic storage development emerging, related stocks include Lanke Technology (688008) and Aisen Co. (688720) [5] - Domestic large models are being launched intensively, with the AI computing power sector showing promising growth and certainty, related stocks include UCloud (688158) and Shenxinfu (300454) [5] Company Focus - Wanrun Co. (002643) has commenced trial production of a PEI product production line with an annual capacity of 1,500 tons [6] - Zhiguang Electric (002169) expects its independent energy storage power station (Phase I) to commence commercial operation within the first quarter [6] - Deshi Co. (301158) has seen its ultra-wear-resistant high-pressure acidification fracturing hose widely applied in North America, while domestic usage is still in small-scale trials [6] - Jiawei New Energy (300317) successfully connected a 3.73MW distributed photovoltaic project in Guangxi Wuzhou to the grid [6] Market Review and Outlook - On February 12, major indices collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1%. The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion, an increase of 157.5 billion from the previous trading day [7] - The computing power industry chain experienced a collective surge, with concepts related to computing power leasing gaining strength. Stocks like Dawi Technology saw a four-day consecutive rise, while UCloud hit a 20% limit up [7] - The consumer sector faced declines, particularly in film and television, tourism, retail, and food and beverage, with stocks like Hengdian Film and Haixin Food hitting the limit down [7] - The current spring market remains promising, with potential favorable news expected in the coming months, although a brief period of market correction may occur before the Spring Festival due to tightening liquidity and reduced trading enthusiasm [7]